CHICAGO, IL--(Marketwire -03/06/12)- It's that time of year again, tax refund time! However, before rejoicing about the break from this month's bills, Macey Bankruptcy Law advises consumers to think twice.
This year, many people will use their tax refunds to get caught up on credit card bills, which at first glance seems like a very logical thing to do. The problem is that for many people who are struggling financially, it might not be the best economic decision.
If a consumer is simply using their refund to catch up on late payments, they are likely to fall behind again in the next month, and the tax refund will have been wasted. That's because the refund does not address the core reason why the consumer is in debt, but rather serves as a bandage, delaying the problem even longer.
The attorneys at Macey Bankruptcy Law want anyone struggling financially to know that there are other alternatives that should be considered before their tax refunds are spent. For example, debt settlement could be a useful investment for the extra money as it may help negotiate a settlement with the consumer's creditors, enabling them to pay off hefty credit card debt in full.
Another option that struggling taxpayers may want to consider is using the money to hire a bankruptcy attorney, which could lead to eventually resolving all of their debt entirely, a much more attractive option than catching up with one payment.
Macey Bankruptcy Law urges taxpayers to ask themselves which one will be most beneficial to them in the long run and then decide accordingly. And if it turns out debt relief is the best option, the attorneys at the Macey Bankruptcy Law will be standing by, ready to help.
For more information about Macey Bankruptcy Law firm please visit www.maceybankruptcylaw.com
- tax refund